ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An increase in unemployment
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An increase in incomes
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An ageing population
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Investment in technology
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Detailed explanation-1: -Technological progress allows for the more efficient production of more and better goods and services, which is what prosperity depends on. However, the mechanisms through which technology is developed, adopted and used in production are complex.
Detailed explanation-2: -Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.
Detailed explanation-3: -Increases in capital goods, labor force, technology, and human capital can all contribute to economic growth.
Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.